Billionaire Mark Walter has been confirmed as the new majority owner of the Los Angeles Lakers by the NBA.
Walter was unanimously approved by the NBA Board of Governors on Thursday before immediately closing on the purchase of the franchise from the Buss family at a reported $10bn valuation.
"The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness," Walter said in a statement.
"Few teams carry the legacy and global influence of the Lakers, and it's a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court."
The Buss family, who had owned the team since 1979, will retain an ongoing minority stake, with Jeanie Buss remaining the team’s governor for “a period of at least five years”.
"Over the past decade, I have come to know Mark well - first as a businessman, then as a friend and now as a colleague," Buss said in her statement.
"He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store."
Todd Boehly was absent from the NBA’s announcement but the Chelsea owner is also involved in the deal.
Walter, who also owns the Los Angeles Dodgers, smashes the record set by Bill Chisholm’s $6.1bn acquisition of the Boston Celtics back in July, with his purchase of the Lakers valued at close to $4bn more.
"Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA's Sparks for more than a decade," NBA commissioner Adam Silver said in a statement.
"As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.
"I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service. While this historic transaction transfers the Buss family's majority interest in the Lakers, I am thrilled that Jeanie will remain the team's Governor and an active and engaged member of our league."
